Pakistan Repays all $3.45B Debt Owed to United Arab Emirates (UAE) - The State Signal

Pakistan Repays all $3.45B Debt Owed to United Arab Emirates (UAE)

ByThe State Signal Newsdesk

PAKISTAN – The State Bank of Pakistan said on Friday that it had fully repaid all the #3.45 billion debt owed to United Arab Emirates (UAE), with the last $1 billion deposit getting paid to Abu Dhabi Fund for Development (ADFD).

“Deposits of $2.45 billion were repaid last week. This completes the repayment of total deposits of $3.45 billion to the UAE,” the central bank said.

The repayment of the debt by Islamabad comes after Saudi Arabia granted Pakistan funds of around $3 billion this month.

Besides, Riyadh rolled over an existing $5 billion deposit for a longer period, providing further financial stability to Pakistan.

The State Bank of Pakistan said the total foreign reserves held by the country stood at $20.63 billion as of last week.

Pakistan had received funds from the ADFD in 2019 to help stabilize the South Asian nation’s balance of payments.

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